Why Burning 99% of SHIB is BS.
Recently, a video went up on Youtube by Matthew Perry, a crypto blogger, which is titled “Shytoshi Wants to Burn 99% of Shiba Inu supply.” Next thing you know, there’s a veritable tornado of debate on Twitter, with some outright calling Matt a liar, spreading clickbaits and misinformation.
Look, every crypto nut the world around likes loud news. The louder the better, eh? And with token burns being such a hot topic of interest within the SHIB community, no wonder someone would try to capitalize on that by virtue of clickbaits. Matthew Perry is no exception. His recent video on Youtube, claiming that Shytoshi, a SHIB dev, wants to burn 99% of all SHIB supply is proof enough.
The video comes up short where evidence of Shytoshi ever making such a bold claim is concerned though. You can see for yourself.
Okay, both Matt and Shytoshi aside, let’s theoretically imagine what would happen if 99% of SHIB supply was removed. If we work out 99% of the original supply, which is 1 quadrillion tokens or 1,000 trillion, that would leave only 10 trillion tokens in circulation. However, if we take it a step further and account for those 400 trillion SHIB already irreversibly locked up in a dead wallet, that would leave us with just around 6 trillion SHIB remaining. Still a lot of tokens, sure, but nowhere near enough to satisfy the ever-growing hodler army, where each average hodler is able to own SHIB counting hundreds of millions of tokens at a time.
But the main reason why SHIB will never be burned down to 1% supply can be explained by its market cap, which is currently around $6 billion. Ask yourself a question: Who’s going to burn that much money? Hodlers? The burn portal is all the proof you need to see that’s not going to happen. Whales? Why would they burn their own money? They’re doing just fine pumping and dumping SHIB, they don’t need burns for their portfolios to thrive.
Burns are a tool, and will definitely play their part in uplifting Shiba Inu, but true value for the token will come from adding more utility, promoting mass adoption etc. There’s no other way.
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